Have you just received a whatsapp message saying June 23, 2018 is the last date to become filer else your name will be updated in Active Taxpayers’ List (ATL) on 1st March 2019 ? if your answer is in affirmative then this article is for you.
In Pakistan, Tax Amnesty 2018 is discussed in every corner society, we feel it necessary to enrich you with key points of this amnesty in simplest possible form.
Key points of amnesty schemes are
Budget 2018 (Finance Act, 2018 Approved) had some good news as well not so good news sandwiched secretly for example lowest income tax rates in the history announced and implemented for Individual taxpayers(Salaried as well as Business Individuals), removal of law for automatic selection for tax audit if return is late filed.
However some really harsh steps were taken one of which is ‘If a person failed to file his/her Income Tax return within due dates then he will remain non-filer for the whole year even if he file it one day after the due date’
All Non-resident Pakistanis out there must have encountered one question in their mind, that why we should file our income tax return in Pakistan as we are not there in Pakistan so it should not be obligatory on us to file return.
Despite of above, some if not all of us faced a situation where your banker deducts withholding tax all the transactions for withdrawal whether it’s in cash or through cheques.
If you are in Pakistan or non-resident Pakistani having bank accounts or other assets or source of income in Pakistan then you must have heard the term ‘Filer’.
Provident funds are funds created by employers for the benefit of employees. Legally these are separate from employers and are managed by Trustees of the funds. Trustees are persons nominated at the time fund is established or at the annual general meeting of the fund.
FBR on 02 August 2016, notified fair market valuation rates for levy and collection of tax on sale and purchase of immovable properties.
FBR on 02 August 2016, notified fair market valuation rates for levy and collection of tax on sale and purchase of immovable properties.
Since the launch of FBR IRIS registration module there has been a problem of registering non-resident taxpayers.
FBR on 12th May 2016 proposed amendment in rule 80B of the Income Tax Rules, 2002. Where by clause q of sub rule 2 of rule 80B of the same rules is PROPOSED to be deleted.
Keeping in view the hardships faced by the widows and senior citizens, Bahbood Savings Certificates (BSCs) with a 10-years maturity period were launched by the Government of Pakistan on July 30, 2003. Initially, BSC was meant for widows only; however, it was decided later by the Government to extend the facility to senior citizen aged 60 years and above with effect from January 1, 2004.